AlFalaah, the Islamic business unit of Lanka ORIX Finance PLC (LOFC), brought honour to Sri Lanka and the LOLC Group, when it received recognition on two top categories at Redmoney’s Annual Global Awards Islamic Finance News (IFN) Best Banks Poll 2014.
AlFalaah was adjudged RunnersUp in the category of ‘Best Islamic Bank by Country Indian SubContinent Sri Lanka’ and was also ranked third place in the ‘Best Islamic Leasing Provider’ category, becoming the only Sri Lankan financial institution to win a metal in the Best Islamic Leasing provider category for the region, which fell under the overall Best Islamic Bank by Sector listing.
Financial institutions representing countries from Europe, The Americas, Africa, South East Asia, Asia Pacific and the Indian SubContinent to Middle East were featured in this global annual poll. Other notable financial institutions from Sri Lanka, Thailand, Kingdom of Bahrain, Bangladesh and Pakistan also clinched top spots in the same award categories won by AlFalaah.
The awardsgiveaway ceremonies are set to take place in March this year with the Asian awards ceremony scheduled to be held at the ShangriLa in Kuala Lumpur, Malaysia and the MiddleEast awards to be held at the Ritz Carlton in Dubai, UAE.
The annual IFN Best Banks Poll awards celebrates and felicitates the best financial services providers in the global Islamic finance industry and strives to encourage best practices of Shari’ah based Islamic Finance. It is a highly prestigious and globally reputed poll which highlights the global Islamic finance industry’s leading financial giants across a diverse cross section of markets and their levels of business standards. The ranking is determined by votes casted by the readers of Islamic Finance News who comprise of governmental and nongovernmental Islamic finance investors, intermediaries, issuers etc. This year’s poll has attracted a record number of 20,603 votes from the previous years’ 13,480 votes.
Speaking regarding this prestigious win, LOFC AlFalaah Islamic Business Unit General Manager Krishan Thilakaratne said, “AlFalaah has solidified its brand strength yet again as the most trusted and reliable nonbank Islamic financial service provider in Sri Lanka. To be recognised at global level is indicative of its appeal beyond the shores of Sri Lanka and the confidence our overseas investors and customers have of AlFalaah. We are indeed proud of this recognition.”
Also sharing his views, LOFC AlFalaah Islamic Business Unit Assistant General Manager Shiraz Refai said, “We are extremely pleased with the results and take humble pride in representing Sri Lanka in a global platform. This is the second consecutive year that AlFalaah was recognised at the toptier ranks at the IFN Best Banks Poll. In 2013, AlFalaah was awarded ‘Runnerup’ for the Best Islamic Leasing Provider category in the Asia, MENA and the GCC region and ‘Runnerup’ award for the Best Islamic Bank in Sri Lanka on the country region category.
“I thank our loyal customers, stakeholders and employees of AlFalaah and LOLC for their steadfast trust and commitment to our products, services and values. I also commend the efforts taken by industry peers in continuously upholding the standards of Islamic Finance.”
Redmoney’s IFN is a leading Islamic Finance News provider disseminating capital market focused knowledge and expertise related to Shari’ah compliant financing from around the world.